Pension increase

2022 - 7 - 13

Treasurer Jim Chalmers says pensions to keep pace with inflation ... (7NEWS.com.au)

Millions of Australians could be in for a cash boost with the inflation challenge expected to get worse before it gets better.

And that’s why this indexation which tries to keep up with the skyrocketing cost of living is so important.” The figures for the first quarter of the year will come off the back of a downturn in the sector towards the end of 2021. The total number of dwelling unit commencements dropped by 13.5 per cent in the December quarter, while the number of new private sector houses being built fell by a little more than 10 per cent. The Australian Bureau of Statistics will on Wednesday release its building activity report for the March quarter, which will include estimates of the number of new dwellings and “work yet to be done”. “The shape of the challenge to inflation will get worse before it gets better but it will get better,” he told reporters in Brisbane. A half-yearly indexation rise for pensions is set to kick in from September 20, with inflation sitting on 5.1 per cent and expected to push higher by the end of the year.

Post cover — Image courtesy of "Triple M"

Pensioners And Australians On Welfare To Expect Massive Boost To ... (Triple M)

As the cost of living continues to increase with inflation, Australians are expected to receive larger payments in September when rates are indexed. Australians ...

The rates which are set to be decided on in September, will help Australians on pensions and welfare to afford basic necessities including groceries and fuel as the cost of living continues to climb. Welfare rates are also set to increase including Jobseeker which is expected to increase by as much as $30.80 per fortnight and Youth Allowance which is expected to increase by up to $15. Pensioners and welfare recipients are set to receive the biggest boost to their fortnightly welfare in over 10 years.

Unlikely winners in inflation crisis (NEWS.com.au)

Pensioners struggling to keep up with the rising cost of living could soon be hundreds of dollars a year better off.

That’s why this indexation, which tries to keep up with the skyrocketing cost of living is so important.” It comes as the Albanese government is urged to consider a shake-up to the pension system to allow older Australians a chance to re-enter the workforce. The two rises combined will ensure welfare payments keep up with the 5 to 7 per cent inflation rate for the year to the end of the June quarter. The biyearly increase to pension and other welfare payments in September is expected to be one of the biggest increases in decades. “We want to make sure that Australian pensioners don’t fall further and further behind during this cost of living crisis,” he said. Pensioners struggling to keep up with the rising cost of living could soon be hundreds of dollars a year better off.

Centrelink payments set to increase for millions of Australians (Daily Mail)

Fortnightly welfare and pension payments including Jobseeker and Youth Allowance are linked to the inflation rate-based Consumer Price Index (CPI) and will ...

You will need to provide certain details and have copies of your bills and concession card handy so you can verify your eligibility. You can apply over the phone or ask your retailer to send you an application form. To apply for the rebate, contact your power and gas provider. This excludes any household used for business or commercial purposes. With the CPI tipped to hit up to 4.8 per cent in the June quarter, the $900.80 age pension could rise by $43.80 a fortnight, on top of the $20.20 rise six months ago Australia's economy grew by 0.8 per cent in the March quarter, a big drop from 3.6 per cent in the final three months of 2021 following the end of lockdowns in Sydney and Melbourne. Headline inflation in the year to March surged by 5.1 per cent - the fastest pace in two decades - but the ANZ bank is expecting the CPI data for June to show prices surging by 6.3 per cent. This is well above the Reserve Bank's 2 to 3 per cent target and would mark a big jump from 3.7 per cent in the March quarter. The rising cost of living is also set to push the fortnightly JobSeeker payments of $642.70 up by a possible $40.49, while Youth Allowance payments of $313.80 could go up by $19.77. The soaring cost of living could bring a cash boost for pensioners and the unemployed with big rises now expected in September. - Headline inflation in the year to March surged by 5.1 per cent - fastest since 2001 - ANZ is expecting 6.3 per cent surge in year to June - the steepest since 1990

Pensions to keep pace with inflation rise (The Canberra Times)

Treasurer Jim Chalmers says the government is committed to ensuring pensioners don't fall further behind as inflation rises....

That follows a 6.2 per cent fall in the December quarter. And that's why this indexation which tries to keep up with the skyrocketing cost of living is so important." The value of total building work done fell 0.5 per cent to $30.4 billion in the March quarter, in seasonally adjusted terms. Work on new dwellings fell 6.5 per cent to 49,017 in the March quarter, and work on private sector houses was down 11.6 per cent to 29,672. A half-yearly indexation rise for pensions is set to kick in from September 20, with inflation sitting on 5.1 per cent and expected to push higher by the end of the year. "The shape of the challenge to inflation will get worse before it gets better but it will get better," he told reporters in Brisbane.

Implications for pension planning with likely TBC increase (SMSF Adviser)

With the current rates of inflation likely to see another increase in the general transfer balance cap and contribution caps, this may impact certain ...

In order for the general transfer balance cap to be indexed, the All Groups CPI figure for the December 2022 quarter will need to be at least 123.7, said Mr Day. A potential increase in the transfer balance cap and contribution caps may have implications for client strategies in the 2022–23 financial year, he said. Speaking in a recent podcast, BT head of financial literacy and advocacy Bryan Ashenden said that given the current rates of inflation, it's almost a certainty that the general transfer balance cap and total superannuation balance will be increased on 1 July 2023.